Presentation Transcript

1. Mock Madness Tackling the Marketing Case Michelle Antonio, Columbia Career Coach November 10, 2011
2. Goals Share the employer perspective on interviews Overview of what to expect in the case portion of the marketing interviews Review the most common types of Marketing cases & constructs for answering Highlight Key Resources/Next Steps to prepare for success
3. Employer Perspective Hiring is a time intensive process for employers and candidates. Hiring mistakes are costly on both sides. Employers look to hire candidates who demonstrate: Passion for the function, industry & company Cultural Fit Skills, knowledge & initiative to succeed Leadership Teamwork Project management High-Level Communication Skills Strategic thinking Creativity/innovation Analytical thinking Knowledge of marketing concepts Assessed in case interview performance
4. Interview Structure 1st round: 30-45 minutes Final round(s): Varies by company Format includes some or all of the following: “Walk Me Through Your Resume” or “Tell Me About Yourself” (Pitch Questions) Baseline questions: Why Columbia? Why marketing/brand management? Why this industry? Why this company? Behavioral questions (“Tell me about a time…”) Marketing cases
5. Why Ask Marketing Case Questions? Great method for evaluating: Knowledge of marketing concepts Critical skills for the job Strategic Thinking Analytical Skills Communication Skills Creativity/Innovation Ability to think on your feet What do marketing firms expect from you? Strong understanding of, and ability to apply, key marketing concepts – not previous background Insight in to how you think is more important than the “right” answer
6. How to handle Marketing Case questions Approach each question with a logical structure/ marketing framework (3 Cs, 4 Ps, STP) Start strategic (broad), then get tactical (narrow) Ask for, but don’t be dependent on, receiving data Apply the “other” 3 Cs (Clarity, Conciseness & Confidence): Clarity – articulate your roadmap upfront and your rationale throughout so they can see how you think Conciseness – ask focused, relevant questions Confidence – make reasonable assumptions, draw conclusions, assert your opinions, deliver recommendations
7. Typical Marketing Case Types New Product Launch case Business Case (declining sales, declining share, defending against a new competitor, etc.) Advertising Critique Creativity/Innovation case General Marketing Knowledge case
8. New Product Launch cases These cases test your ability to apply strategic and tactical marketing concepts as it relates to a new product launch Company X is contemplating launching an existing product in a new market…. Company Y is considering launching a new product under existing Brand X… Company Z wants to evaluate whether it should expand Brand Z in to a new category segment…
9. Approaching New Product Launch cases Strategic (3 Cs, STP) and tactical (4 Ps) frameworks will be needed Always start with the consumer/customer – do consumers want/need this product? Assess the company opportunity & competition Competitive threats/response Cost/Ease of entry (capital investment, branding, distribution) Size of the market – estimate your market share Determine Segment/Target/Positioning – what is your singular benefit that you intend to deliver to your target customers. How will your positioning be differentiated from competition?
10. Approaching New Product Launch cases (cont’d) Determine marketing execution (4 P’s) Price – should reflect positioning and drive profit Product – which attributes to offer Promotion – how will you create awareness and trial for product? Placement – where will consumer buy it?
11. Business Case Questions Can range from mini consulting case questions to real-world business scenarios Mini consulting case examples How many blue cars are there in the US? If everyone in China held hands how many times would they circle the earth? At any one point in time, how many gallons of ice cream are being sold around the world? Real world business scenarios Declining Sales Declining Share Defending against new competitor
12. Approaching Business Case Questions – Declining Sales/Share Start broad/strategic: Is decline driven by general category decline or share decline in my brand only? Why is category/share declining? Answer will drive decision to reverse decline or exit category Substitutes vs. change in consumer habits Change in own product vs. competitor product
13. Approaching Business Case Questions – Declining Sales/Share (cont’d) Once root causes are identified, determine strategy and tactics to address: If category is declining, develop strategy to increase category usage or exit If share is declining, determine why (explore 4 P’s) and develop appropriate strategic response Price: has my price changed relative to competition? Product: has the quality of my product changed or has competition upgraded/launched new products? Promotion – have promotions changed? Placement – have I lost distribution relative to competition?
14. Approaching Business Case Questions – Defending Against New Competitor Assess the threat to determine whether or not you need to defend Does the new product meet an untapped consumer need? How strong is the competitor? Will they spend to support the launch? Do they have track record of being smart marketers? Where will they take volume from? Are they targeting you or your competitors? If you need to defend, strategies to consider: Reinforce brand/product equity with advertising – remind consumers why your product is superior to discourage them from trying new product Upgrade your product to provide new benefit
15. Approaching Business Case Questions – Defending Against New Competitor (cont’d) If you need to defend, strategies to consider (cont’d): Load consumers with your product so they will be stocked during competitor launch by using price incentives If issue is private label entrant, determine how much of a price premium you can charge before your brand starts to lose volume; also, consider introducing a value brand Track new competitor’s performance after launch
16. Advertising Critique Case These cases assess your ability to critically analyze the effectiveness of a current or potential advertising campaign, using a consumer and brand focused framework What is the most innovative advertising campaign you’ve seen in the last year and why? Give an example of an advertising campaign that you think was misguided or a failure and why?
17. Approaching the Advertising Critique Case Assess the advertising on the following dimensions: Consumer Who is the Ad targeting? Will This Ad get the Target Consumer’s attention and be recalled? Is it being seen/heard in the optimal print/media channels? Benefit What is the Benefit being communicated in the Ad? Is the Benefit being communicated clearly? Is it compelling? Brand Does the Ad link the Brand to the Benefit? Is the Brand portrayed positively? Impact Would this Ad compel the Target Consumer to purchase the product? Is the Ad “ownable” by the brand (i.e., could any other brand deliver this message)?
18. Creativity/Innovation Case Questions These questions are opportunities to: Demonstrate you can think creatively on your feet Convey your passion for marketing Prove you can link creativity to strategy… So, think strategically! Express your personality Examples: If you could be a snack food, which one would you be and why? What are 10 things you can do with an empty pint of Haagen- Dazs ice cream? What are 5 ways you can improve a cereal box? Approach: While there are no stock frameworks for these creativity questions, you can and should use structure and frameworks to generate ideas
19. General Marketing Knowledge Cases Questions that assess your general marketing and industry knowledge…that can easily turn in to another case: What are the main consumer trends that you see in the marketplace for Category X?…If you had to launch a product to capitalize on one of these trends, what would it be and why? How would you market it? What is your favorite advertising campaign today?..If you had to launch a counter ad campaign, what would it be and why?
20. Approaching General Marketing Knowledge Cases Requires you to tap in to your knowledge of current trends, current events; so prepare by doing research, research, research! Recognize that these cases can be similar to other ones – assessing a new product launch, advertising critique, so use frameworks where appropriate Demonstrate your passion by asserting your opinion
21. New Product Case Example in Action You are charged with marketing in the U.S. a candy bar that has been very successful in England.  What things should you consider in bringing the product to the U.S.? Debrief: After hearing the candidate’s response, what do you think worked well? What could have been improved in her response?
22. Resources & Next Steps PRACTICE! PRACTICE! PRACTICE! PRACTICE! Career Management Center: Advisors, Columbia Coaches, Career Fellows for mock interviews CML: Job Juice Cards, Resume Books, Business Card Binders COIN: Industry Research>Marketing>Interview Qs, Interview Stream, First Research, Career Digital Media>Recruiter Tips/Coaching Tips MAC: Your Mentor The MAC website, Company Events and presentations Other: Mock Madness Phase 2 (December): Stay tuned for more details! Go shopping, research company websites, blogs, trade publications (AdAge, BrandWeek, AdCritic) Watch and analyze TV commercials (Super Bowl) Meet insiders (alumni, company reps, classmates)
23. Closing Thoughts There are 3 things you need to prove in the interview: YOU CAN DO THE JOB Translate your resume and interview responses in to marketing language Know how your experience is relevant and sell your skills! YOU ARE A FIT FOR THE JOB Know why you want to work for that company YOU WANT THE JOB Know why you want to work in marketing Do your homework on the industry and company Get excited and show it! Good luck and let us know how we can help!